Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). %
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Step 1
To determine the amount of gross profit, we subtract the cost of goods sold from the sales revenue. Gross Profit = Sales Revenue - Cost of Goods Sold Gross Profit = $8,100,000 - $4,698,000 Gross Profit = $3,402,000 Show more…
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